American Express Plan It is a feature that allows you to pay off large purchases on your American Express credit card with a flat fee ranging from 0.61% - 1.17% for each purchase and no interest each month. The fee will vary, depending on which card you use. Plan It is currently available only on American Express consumer cards. Charge cards and small business credit cards are not eligible.
You can use Plan It for eligible purchases either online or on the Amex mobile app. Ineligible purchases include transactions subject to a foreign transaction fee, purchases under $100, cash equivalent purchases such as gift cards and lottery tickets, and any American Express credit card fees. You’ll still earn rewards points on any Plan It purchases made with an American Express rewards card.
Note that you’re still able to pay your American Express bill through your preferred payment method.
Here is how American Express Plan It works:
Log in to your Amex Mobile app or from your online account. Eligible purchases will have a Plan It icon. You can create up to 10 active plans, each subject to a fee. And you can combine up to 10 qualifying purchases of $100 or more per plan using your online account. You can only select one qualifying purchase per plan when using the Amex Mobile app. The number and length of plan duration options and your ability to include multiple purchases in one plan will be determined by factors such as your creditworthiness, account history and purchase amount(s).
Select the Transaction you want to plan, click the Plan It icon, then click “Create a Plan”.
Your eligible transaction will have up to three payment plan options, which include the applicable payment period and required monthly payment. A plan fee is included in your monthly payment. The fee varies based on your card’s APR and the length of the plan. You can view your plan fee on the first two pages of your Cardmember Agreement, located under “Useful Links” on your account homepage.
Once you confirm your plan option, your monthly plan will be added to your minimum payment due on your next bill.
All payments towards your Plan it account balance are first applied towards your minimum payment due. Once the minimum payment is met, any additional payments will be applied to your outstanding balance. Payments may take up to 48 hours to be reflected on your account.
You won’t be charged future fees if you pay off your balance early. If you don’t pay off the balance by the end of the payment period, you’ll be charged interest at the regular APR on the unpaid balance.
Amount limits on purchases eligible for the Plan It feature will be based on a portion of your balance and it can vary from month to month. Your overall creditworthiness, along with your credit limit or Pay Over Time limit will also be considered.
The American Express grace period for credit cards is at least 25 days after the closing date of each billing period. That means if you enter a new billing period without an existing balance and make charges on the card, you will have at least 25 days after that billing period closes before interest begins to accrue on those charges. It is important to note that grace periods do not apply to certain balances. Cash advances and balance transfers will start accruing interest immediately, unless they are part of a 0% APR promotional offer. In that case, interest would not accrue until the promotional offer ends.… read full answer
American Express charge cards are different in that they must be paid in full every month. There are exceptions, though. American Express charge cards may allow you to carry a revolving balance after making select purchases. The benefit is granted on a case by case basis, and American Express will make it clear if your account is eligible. If you don’t pay the balance requested by its due date, your account can be charged interest and penalty fees, and be subject to cancellation.
Here’s how the American Express grace period works:
Length: 25 days or more
When It Applies: You pay your bill on time and in full for at least two consecutive billing periods.
What It Does: Gives you time to pay for purchases before interest charges kick in.
When It Doesn’t Apply: Revolving balances, cash advances and balance transfers (excluding 0% promotions).
Grace periods are great because they essentially allow you to borrow money for free as long as you pay your bill in full and on time each month.
The American Express Platinum card minimum payment will be the sum of any payment plan due and your Pay In Full New Balance. Any balance not included in your payment plans will be due in full.
One of the most common American Express Platinum card payment plans is the Pay Over Time… read full answer plan, which allows cardholders to pay eligible charges over time, with interest. You can choose to pay your Pay Over Time balance in full each month, the minimum payment due, or any amount in between.
Your American Express Platinum card Pay Over Time minimum payment is the highest of:
2% of the Pay Over Time and/or Cash Advance new balance
The total calculated through these steps:
Subtract the interest charged on the billing statement from the Pay Over Time and/or Cash Advance New Balance to calculate the Amount needed in the following steps;
Calculate the sum of 1% of the Amount from $0 to $20,000; 2% of the Amount from $20,000.01 through $35,000; 5% of the Amount above $35,000;
Divide the sum from step 2 by the Amount and round to four decimals;
Multiply by the Amount;
Add the interest charged on the billing statement.
Keep in mind that any balance not included in your payment plan will be due in full. American Express will charge a late fee of $29 the first time you fail to make at least your American Express Platinum card minimum payment by the due date. The fee goes up to $40 if there’s another late payment in the following six billing periods. In addition, you may lose any reward points earned during the billing period.
Amex Pay Over Time is a feature on a few American Express cards that allows the cardholder to pay for certain eligible charges over the course of multiple billing periods. The Pay Over Time feature is available on the Amex Green, Gold and Platinum cards, both the consumer and business versions. … read full answer
When you have a card with the Amex Pay Over Time feature, you essentially have two balances. One is your normal balance, which you are required to pay in full each month. The other is your Pay Over Time balance, where Amex moves eligible approved charges. You can choose to pay your Pay Over Time balance in full as well. But if you decide to carry some or all of it between months, you will owe interest on the balance. Your Amex Pay Over Time interest rate depends on your credit, income and other factors. There is also a limit on your Pay Over Time balance, and any charges over that which would be eligible will instead need to be paid in full. You can view the limit on the Balance Details page of your online account. All charges not included in the Pay Over Time balance will also require to be paid in full every month.
All new accounts will automatically be set to Active status at account opening. You can view or change your setting online or by calling customer service.
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